To maximize profit, a perfectly competitive firm that decides not to shut down will choose the rate of output at which
a. price is highest
b. price minus average total cost is maximized
c. price equals marginal cost
d. total revenue is maximized
e. average total cost is minimized
C
Economics
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The right to openly support and to elect leaders in a democratic way is known as
A) political freedom. B) economic freedom. C) constitutional freedom. D) external freedom.
Economics
If the CPI overstates the true rate of inflation, then
a. the economy will grow more slowly than if inflation was measured accurately b. the economy will grow more rapidly than if inflation was measured accurately c. social security payments will increase in real terms d. social security payments will decrease in real terms e. so will other means of measuring the inflation rate
Economics